Weir Group has announced it has let go Bank of America Merrill Lynch as one of its two corporate brokers.

The Glasgow-based engineering group said it was letting the broker go “following the recent emergence of a new and undisclosed conflict of interest arising from its engagement as a broker by another company”.

The company at the centre of the conflict of interest issue has not been named.

Weir said it continues to engage UBS as a corporate broker and will make a further announcement “in due course” regarding future broker engagements.

A broker acts as an intermediary between a listed company and its investors.